Negatives for Buyer's

Just like with seller's, buyer's have negatives that have to be faced as well in order to overcome this obstacle to purchase an estate. Just to give a realistic light to the situation, below are some negatives that need to be discussed before running into them and solutions on how to overcome these negatives.

The first of the negative you as a buyer may have to face is a "Bidding War". A bidding war consist of two or more buyers bidding against each other for one estate. This can be disheartening if you come in too low with your bid and you lose the property to another buyer, or if you come in too high and pay more then what you wanted to pay to begin with.

One of the most common issues are if the "Property Fails Inspection". Usually when doing a walk through on a property you have to look around to see if there are any visible (patent) defects that could get in the way of the purchase. This does help all times because of latent (hidden) defects that can be only where an inspector would know or dare to look. If in doubt before placing an estate in contract, ask questions. This can alone save 5 to 14 days to prevent from entering into a contract, waiting for the inspector, and terminating the contract if the seller refuses to fix the issue.

A big wear and tear on your body and vehicle will come from a lot of "traveling". Unlike seller's whom don't have to travel unless they themselves are looking to purchase, as a buyer, you have to. This traveling is at most done on the weekends or after work and mainly on the seller's time frame.

"Negotiation" is is as well a negative if you don't have an agent who can speak on your behalf and come up with ideas on how to negotiate out a deal in order to get an estate into contract. If negotiation is not one of your strong points this can drain the energy out of even the toughest people.

"The Market" has to be one of the biggest pitfalls because as every potential buyer, there are specifics a person will want and or need in an estate. And sometimes the estate you may be looking for is not on the market at the time you are looking and sometimes you may have to wait for a while for it to come up.

"Location" happens to be a common issue as well, this can play in factor with the market mainly because if you are looking to be in a neighborhood or city the for example has a school your child can attend. If there are limited estates or the price is too high there may have to be compromises in order to progress with finding an estate.

"Taxes" can as well be a big deterring factor to finding a home and settling. Now as real estates professionals, we may know about taxes but we are not aloud to discuss about how much you will pay in taxes when purchasing an estate. With tax laws changing quite often, it can be tricky if your not an actual tax professional and it is your job to keep up with the rules and laws of how much one will have to pay in property taxes. This is why it is important to have a tax professional on standby, and if you do not have one, your agent should to be recommended to you.

"Credit" has a chance to become a mixed issue as well, so make sure when obtaining a loan, do not make big purchases just before the closing table for your soon to be new home because purchases that can affect your debt to income ratio will in fact effect your credit and will have the chance of halting closing of the loan completely.

All information provided on this site is subject to change without notice. Christian Brown and New Millennium Realty does not guarantee or is in any way responsible for its accuracy. If anything is needing of update, please inform me and it will be done immediately.